The bill amends the existing property tax law in New Mexico by removing the requirement for a board of county commissioners to conduct a public hearing before adopting an ordinance that allows for a tax rebate for low-income taxpayers. This change streamlines the process for counties to implement tax rebates, making it easier for low-income residents to benefit from these financial aids. The new language specifies that a board of county commissioners may adopt an ordinance to make the property tax rebate available without the need for a public hearing, thus expediting the implementation of such measures.

Additionally, the bill clarifies the eligibility criteria for claiming the tax rebate, including the definition of "principal place of residence" and the conditions under which married individuals can claim the rebate. It maintains the structure of the tax rebate table based on modified gross income, ensuring that low-income taxpayers receive appropriate financial relief. The bill also outlines the responsibilities of the county in notifying the state department about the adoption of the ordinance and the subsequent certification of tax revenue losses attributable to the rebates.

Statutes affected:
introduced version: 7-2-14.3